Jim Cramer Continued To Complain About JPMorgan Chase & Co. (NYSE:JPM) & Wells Fargo’s Multiple

In 2026, CNBC host Jim Cramer frequently criticized JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC), suggesting both were undervalued. Cramer argued JPMorgan's price-to-earnings ratio of 14 was too low, especially given its strong performance. He particularly favored Wells Fargo, citing former CEO Charlie Scharf's leadership and the bank's improved loan growth, investment fees, and market revenue.

However, Wells Fargo's personnel costs surged to $8 billion in Q2 due to compliance and risk teams. Despite JPMorgan's robust earnings growth, Cramer noted higher noninterest expenses and potential headwinds from the investment banking and markets sectors. Hedge funds showed greater confidence in JPMorgan, with 131 funds holding stakes compared to 82 for Wells Fargo.